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Credit to govt from banks increased by Rs.157 billion in Nov. 2024

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Net credit to the government from the banking system increased by Rs. 157.2 bn in November 2024, according to the Weekly Economic Indicators report of the Central Bank of Sri Lanka.

Outstanding credit to public corporations decreased by Rs. 7.2 bn in November 2024. Outstanding credit extended to the private sector increased by Rs. 96.6 bn in November 2024 recording a year-on-year growth of 9.7 percent, the report stated.

Meanwhile, broad money expanded by 9.0 per cent, on a year-on-year basis, in November 2024.

The following are some of the economic indicators as per the above report.

Index of Industrial Production (IIP) in November 2024 increased by 4.7 per cent to 93.8 compared to November 2023, mainly contributed by the increases reported in the manufacture of food products (7.4 per cent), wearing apparel (6.5 per cent) and chemical products (18.6 percent).

Between 06th and 10th of January, 2025, crude oil prices showed mixed performance. Prices increased due to winter demand, China’s economic stimulus measures, growing concerns over supply disruptions and tightening sanctions amid low oil stockpiles. However, in the middle of the week, prices declined pressured by a stronger dollar and large builds in US fuel inventories.

Weekly Average Weighted Prime Lending Rate (AWPR) for the week ending 10th January 2025 decreased by 16 bps to 8.74 per cent compared to the previous week.

The Average Weighted Call Money Rate (AWCMR) recorded as 8.00 per cent on 10th January 2025 compared to 7.99 per cent at the end of last week.

The reserve money decreased compared to the previous week mainly due to decrease in currency in circulation and deposits held by the commercial banks with the Central Bank.

The total outstanding market liquidity was a surplus of Rs. 130.255 bn 10th January 2025, compared to a surplus of Rs. 140.156 bn by the endof last week.

During the eleven months ending November 2024, government revenue and grants increased to Rs. 3,664.6 bn compared to Rs. 2,771.4 bn in the corresponding period of 2023.

Total expenditure and net lending increased to Rs. 4,881.9 bn from January to November 2024 compared to Rs. 4,791.7 bn in the corresponding period of 2023.

During the period from January to November 2024, overall budget deficit decreased to Rs. 1,217.3 bn compared to Rs. 2,020.3 bn recorded in the corresponding period of 2023.

During the period from January to November 2024, net domestic financing decreased to Rs. 889.5 bn compared to Rs. 1,993.8 bn in the corresponding period of 2023. Net foreign financing increased to Rs. 327.8 bn during eleven months ending November 2024 compared to Rs. 26.4 bn recorded in corresponding period of 2023.

During the year up to 10th January 2025, the Sri Lanka rupee depreciated against the US dollar by 1.0 per cent.

Earnings from tourism amounted to US dollars 362.1 mn in December 2024, compared to US dollars 272.9 mn in November 2024 and US dollars 269.3 mn in December 2023.

Workers’ remittances amounted to US dollars 613.8 mn in December 2024, compared to US dollars 530.1 mn in November 2024 and US dollars 569.7 mn in December 2023.

The gross official reserves were provisionally estimated at US dollars 6,091 mn as at end December 2024. This includes proceeds from the PBOC swap arrangement.



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Ceylinco Life agent among three global finalists for award

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Ceylinco Life’s Ambalantota branch agent AIP Manjula

Ceylinco Life’s Ambalantota branch agent AIP Manjula has been named one of three global finalists for the prestigious Insurance Agent of the Year award at the 11th Asia Trusted Life Agents & Advisers Awards (ATLAA) 2026.

The recognition places a Sri Lankan insurance professional among the finalists in a regional field spanning South Asia, Southeast Asia, East Asia and the wider Asia-Pacific region.

Ceylinco Life said the achievement reflected the calibre and customer-focused approach of its agency force, while recognising Manjula’s professionalism and commitment to policyholders.

The award evaluates insurance agents on criteria extending beyond sales performance, including ethical conduct, client service, policy persistency, digital adoption, innovative practices and contributions to the insurance industry and community.

The awards are organised by Asia Advisers Network and Asia Insurance Review, with LIMRA as co-organiser. An independent judging and balloting process is monitored by KPMG as the official scrutineer. The judging panel comprises senior insurance executives, association presidents and industry experts from across the Asia-Pacific region.

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CEAT Kelani retains AA+ rating for sixth year

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CEAT Kelani Holdings (CKH) has retained its National Long-Term Rating of ‘AA+(lka)’ with a Stable Outlook from Fitch Ratings for the sixth consecutive year, reflecting the company’s financial resilience and leading position in Sri Lanka’s pneumatic tyre market.

The ‘AA+(lka)’ rating, the second-highest on Fitch’s national scale, indicates a very strong capacity to meet financial commitments.

Fitch said CKH’s established market leadership and resilient financial profile remained key strengths, while noting its exposure to price-sensitive, cyclical and highly competitive markets.

The Stable Outlook reflects expectations that the company will maintain its market position despite rising input costs and increasing competition from imported tyres, while preserving adequate credit metrics during periods of weaker earnings and higher investment.

Fitch expects CKH’s established brand, extensive dealer network and adaptive pricing strategies to support its market position. Planned production facility upgrades are also expected to improve product quality, particularly in the radial tyre segment.

The rating agency expects near-term pressure on margins from higher raw material and energy costs but said the company’s low leverage and sound liquidity would provide a cushion.

CKH Chairman Chanaka De Silva said the rating reinforced the company’s focus on disciplined financial management, operational adaptability and long-term investment.

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Commercial Bank leads nationwide aquatic clean-up drive

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Sanath Manatunge, Managing Director/CEO of Commercial Bank and some of the Bank’s staff participating in the coastal cleanup programme

Commercial Bank of Ceylon mobilised employees, customers, volunteers and community members for a nationwide coastal and aquatic clean-up campaign across 20 locations on September 19 to mark International Coastal Cleanup Day 2026.

Conducted under the bank’s sustainability platform, themed ‘Forward Together for a Cleaner Future’, the initiative covered 16 coastal locations and four inland waterways, bringing together stakeholders for a coordinated environmental conservation effort.

The flagship programme was held at Mount Lavinia Beach, with additional activities at Wellawatte and Galle Face beaches. Similar initiatives were conducted by the bank’s regional offices at locations including Kalutara, Negombo, Trincomalee, Batticaloa, Puttalam, Jaffna, Galle, Dondra, Tangalle and along the Mahaweli River.

Employees, management, Future Force volunteers, customers and their families participated alongside the Marine Environment Protection Authority (MEPA), United Nations Global Compact Network Sri Lanka, government and local authorities, environmental organisations and community members.

The bank said the initiative reflected its commitment to water stewardship after adopting Sustainable Development Goal 6 — Clean Water and Sanitation — as a priority goal in 2025.

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